- Joint venture to manage and expand fibre-to-the-home (FTTH) access across 14 million premises.
- GIC holds majority stake; Vodafone and MasOrange each retain 25 percent.
What happened: Companies merge fibre assets into new wholesale network
Vodafone and MasOrange have partnered with Singapore’s sovereign wealth fund, GIC, to create the largest wholesale-only fibre network company in Spain. The new entity will integrate the fibre assets of Vodafone Spain and the FTTH network from MasOrange, formerly Orange Spain and MásMóvil. It will initially manage over 7 million fibre connections, with a target of expanding to cover 7 million additional premises, according to DataCenter Dynamics.
GIC will take a 45 percent controlling stake, while Vodafone and MasOrange will each hold 25 percent. The deal is expected to be finalised in the first half of 2025, subject to regulatory approval. The company will operate under an open-access model, selling fibre connectivity to third-party providers, not directly to consumers. Its goal is to offer fibre services to both urban and rural areas, extending digital infrastructure to underserved regions.
Also read: Vodafone launches $545M buyback after growth
Also read: Vodafone Q1 revenue rises thanks to Three UK merger
Why it’s important
The formation of this joint venture reflects ongoing shifts in Europe’s broadband market. Operators are increasingly moving away from vertical integration and favouring infrastructure-sharing models. By pooling their assets, Vodafone and MasOrange aim to reduce deployment costs and avoid redundancy, while GIC’s involvement signals growing investor confidence in fibre infrastructure as a long-term asset class. Spain already has some of the highest FTTH penetration rates in Europe, but rural areas remain underserved. This initiative could help bridge that gap.
The Spanish government has previously backed rural broadband expansion through initiatives such as PEBA-NGA, making this partnership strategically aligned with national digital goals. GIC’s history of investing in fibre, such as through its stake in SFR FttH, reinforces its credibility in this space. However, some analysts question whether overlapping interests between GIC and both telcos may raise future competition concerns. Still, with cost pressure and rising demand for high-capacity networks, this move places Vodafone and MasOrange in a stronger strategic position to scale infrastructure while offloading CapEx burdens.
